Nexus Uranium Corp. announced an increase in the ownership of its Independence gold project in Nevada to 51.11%. The Independence gold project is a joint venture between the Company and Americas Gold Exploration Inc., whereby the Company increased its ownership from 51% to 51.11% through the dilution of AGEI for failing to make the Q1/24 cash call payment as part of the ongoing project expenditures.

The Independence project is located in one of the premiere gold mining jurisdictions, the Battle Mountain mining district of Northern Nevada, and is located entirely within Nevada Gold Mines' Phoenix Mine permitted Plan of Operations. Nevada Gold Mines is a joint venture between Barrick Gold (61.5%) and Newmont (38.5%), which is forecasted to produce between 2.7 to 2.9 million ounces of gold at a cash cost of USD 980 - USD 1,060 per ounce. The Independence project hosts an M&I (measured and indicated) resource of 334,300 ounces of gold (28 Million tonnes at 0.41 g/t gold) and an inferred resource of 847,000 ounces (9 Million tonnes at 3.22 g/t gold) of gold with a substantial silver credit.

A 2022 Preliminary Economic Assessment (PEA) outlined a low- cost heap leach operation focusing on the near-surface resource with total production of 195,443 ounces of gold at an all-in sustaining cost of USD 1,078 per ounce of gold The economic evaluation of the PEA utilized a USD 1,700 per ounce gold price assumption to drive a NPV5% of USD 17.6 Million and IRR of 18%. It also demonstrated significant leverage to gold prices, yielding a USD 59.6 Million NPV5% and IRR of 35.9% assuming a gold price of USD 2,125 per ounce, which is lower than the current spot price of USD 2,385 per ounce.